Nifty Sept rejig: IndiGo, Max Health to replace Hero MotoCorp, IndusInd

IndiGo, Max Healthcare may enter Nifty50 in Nifty September rejig; Hero MotoCorp, IndusInd are likely to see exits, says Nuvama

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India's largest airline operator, InterGlobe Aviation and hospital chain Max Healthcare are likely to enter the benchmark Nifty50 index in the September 2025 review, according to analysts at Nuvama Institutional Equities.

 

IndiGo has already seen "substantial" positive price action, reflecting market expectations, the brokerage said in a report on July 2. However, Max Healthcare appears "under-owned" on this theme and could see more buying interest, it said, expecting over $400 million in passive inflows. 

 

The stock of the defence company Hindustan Aeronautics will be the only threat to Max Healthcare's inclusion in the key gauge, Nuvama said. "The only scenario where Max Health may miss inclusion is if HAL outperforms Max Health by 12 per cent immediately and sustains that outperformance through July-end." This, however, is a low probability, Nuvama said. 

   

Meanwhile, Hero MotoCorp and IndusInd Bank will be the stocks that will see exclusion from the index, given their recent performance. While much of the negative sentiment appears to be priced in, Nuvama believes any further downside will be more pronounced around the adjustment period. "Until then, we don’t expect significant pressure purely from expected passive flows."

 

The September Nifty 50 review is likely to be "action-packed," Nuvama said in the report. The cut-off period for the rejig ends in July, and the official announcement is expected in the latter half of August. The index adjustments will be effective September 29, 2025. 

'Zero probability' for BSE inclusion 

Analysts at Nuvama assigned a zero probability of the oldest bourse, BSE Ltd., being included in the Nifty 50 in the September 2025 review.

 

This assessment is based on a thorough review of the current index methodology, Nuvama said. "We believe there’s almost no chance of BSE even making it to the Nifty Next 50 in September 2025 review."

 

Any risk to this call will include any change in the index construction methodology or a sharp 40 per cent or more move in BSE stock very soon, sustained through July-end. 

Nifty March rejig

Shares of the food delivery platform Zomato and Mukesh Ambani-backed Jio Financial Services were added to the benchmark Nifty50, while Bharat Petroleum Corporation and Britannia Industries saw exclusion. The two stocks were expected to bring in a passive inflow of $910 million into the index.